The naira maintained relative stability against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Monday, July 20, 2026, while the parallel market continued to record a higher exchange rate for the greenback.
Figures from the official foreign exchange market showed that the naira traded at approximately ₦1,379.64 per dollar at the NFEM on Monday morning. The rate remains consistent with recent market movements, indicating a level of stability despite ongoing pressure from foreign exchange demand.
At the parallel market, also known as the black market, the dollar was exchanged at about ₦1,416 per dollar. However, the actual rate may vary depending on location, transaction volume and individual currency dealers.
The difference between the official and parallel market rates highlights the continued demand for foreign currency outside the formal banking system.
Financial analysts have attributed the sustained pressure on foreign exchange demand to increased requirements from importers and businesses seeking hard currency. Market reports also suggest that rising dollar demand linked to petroleum-related transactions has contributed to recent pressure on the naira.
The Central Bank of Nigeria (CBN) continues to use the NFEM’s volume-weighted average exchange rate as the country’s official benchmark, while parallel market rates are influenced by market forces, including the availability and demand for foreign currency.
Exchange rates may continue to change throughout the day depending on liquidity levels, market conditions and the location of transactions.